KUALA LUMPUR (Jan 16): The Federal Land Development Authority (Felda) is said to be working on disposing of part of its stake in Malayan Banking Bhd (Maybank) at RM8.00 to RM8.05 apiece, in a move to raise up to US$63.1 million (RM281.8 million), according to Dow Jones, which quoted a term sheet sighted.

Based on Maybank's financial year ended Dec 31, 2015 (FY15) annual report, Felda was listed as the fifth largest shareholder with a 1.9% stake in the banking group as at Feb 10 last year.

Maybank shares closed 27 sen or 3.25% lower at RM8.05 today, valuing the group at RM83.58 billion, the largest market capitalisation for a banking group in Malaysia.

Maybank was the fourth largest decliner across Bursa Malaysia today.

Felda has been under heavy scrutiny of late due to its intention to buy a 37% stake in Indonesia's PT Eagle High Plantations Tbk for US$505.4 million (RM2.26 billion).

The acquisition came at a time when Felda has reported two consecutive fiscal years of losses after the public listing of Felda Global Ventures Holdings Bhd in June 2012.

According to the statutory body's annual reports, Felda, at the group level, incurred a net loss of RM1.04 billion for FY14, narrowed by 48% from RM1.99 billion in the immediate preceding year.

These losses have resulted in Felda's accumulated funds dropping by 16.46% to RM13.47 billion as at FY14, from RM16.12 billion in FY12.

Felda has not presented its FY15 audited account to Parliament yet.